Russian Foreign Minister Says De-Dollarization is Inevitable
Jose Nino
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During a press conference on April 14, 2023, Russian Foreign Minister Sergey Lavrov declared that de-dollarization is going to be an inevitable feature of international economics.
The leading Russian diplomat also highlighted the importance of launching campaigns to neutralize security threats, which includes those coming from the United States, in partnership with CIS countries. Russia has taken into account attempts by the West to spark conflicts close to its borders in crafting its military, political and diplomatic plans, Lavrov emphasized.
“We are starting to see a flight from the dollar. So far, it is not all that swift, but it is sure to accelerate. In fact, this trend is irreversible. The US has already, for real, sawed off the tree limb that it was perched on, managing global financial flows and the world economy as a whole by leveraging the dollar’s dominant role,” the foreign minister stated.
“Despite the threats that our partners have received from the US and the European Union not to cooperate with the Russian Federation and the Republic of Belarus under pain of so-called secondary sanctions and other penalties, trade flows across the CIS are growing. [Trade] edged up by more than six percent last year, amounting to over $100 bln,” Lavrov remarked.
“The agreement on free trade in services among CIS countries that is currently being readied for signing will give an impetus for further expansion of economic interaction,” the Russian foreign minister added.
“The path of sanctions is the path to nowhere. Serious countries [and] sober-minded politicians are drawing relevant conclusions and these conclusions are definitely in favor of terminating dependence on the West,” Lavrov said in a concluding remark.
The dollar’s eventual demise is the product of the US government’s reckless spending and easy money policies combined with the rise of Eurasian powers who have proven to be credible economic challengers to the West. At some point, economic realities will hit the US square in the face
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